BINGHAM FARMS, Mich., May 10 /PRNewswire/ -- Malan Realty Investors, Inc.
(NYSE: MAL), a self-administered real estate investment trust (REIT), today
announced it has declared its quarterly cash dividend of $0.425 per share for
the quarter ending June 30, 2000. The dividend is payable July 20, 2000, to
shareholders of record June 30, 2000. Malan has paid quarterly cash dividends
for 24 consecutive quarters since its initial public offering in June 1994.
The dividend of $0.425 per share equates to an annual dividend of $1.70
per share. Based on yesterday's closing price of $13.625, the yield on the
indicated annualized rate is 12.5 percent. The company currently has
5.2 million common shares outstanding.
The company also announced that its annual meeting of shareholders has
been adjourned and will reconvene on Thursday, May 18, 2000 at 10:00 a.m. EDT.
The meeting will be held at the law offices of Miro Weiner & Kramer at 500
North Woodward Avenue, Suite 100, in Bloomfield Hills, Michigan.
Malan Realty Investors is engaged in a proxy contest initiated by
dissident shareholder Kensington Investment Group, Inc. At today's meeting,
Kensington presented proxies for its slate of five director nominees. Malan's
incumbent directors, all whom are seeking reelection, are Anthony S. Gramer,
Robert D. Kemp, Jr., William McBride III, William F. Pickard and Richard T.
Walsh. The adjournment and reconvening of the annual meeting will allow the
ballots and proxies for director to be reviewed and the results to be
certified prior to reconvening the annual meeting.
Malan Realty Investors, Inc. owns, acquires, redevelops and manages
properties that are leased primarily to national and regional retail
companies. The company owns a portfolio of 65 properties located in 9 states
that contains an aggregate of approximately 6.0 million square feet of GLA.
News releases for Malan Realty Investors are available on the company's
web site at http://www.malanreit.com or through Company News On-Call by fax at
800-758-5804, ext. 114165, or http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
 back to top
CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, Inc., 248-644-7110, or Fred Nachman of Marjan
Communications Inc., 312-867-1771, for Malan Realty Investors,
Inc.
|
